Despite union government’s ardent instruction several states failed to meet the deadline of state real estate rules notification. West Bengal is one of those states, who has yet not finalized their drafts. RERA came into force on May 1, 2017. Central government has extended the time period for another 3 months, which completes on July 1. But sooner or later RERA will be implemented in West Bengal too, and according to that as potential buyers one should know how it would regulate the residential property sale in Kolkata.
The central Real Estate Regulation and Development Act (RERA) has been diluted by several states which have by far notified their state RERA norms. As per RERA developers must upload their project details, step-by-step development process (3 months basis) on RERA official site followed by the personal details of himself. Documents related to the project and land for e.g.- land registration, clearance certificate, title deed everything need to be visible before the potential investors. The unadulterated execution of RERA in Bengal will genuinely push the residential property sale in Siliguri, securing buyers’ interest throughout.
RERA will focus on the carpet area based price for the both commercial and residential properties across the country.
As of now the residential and Commercial property sale in Siliguri has been practicing based on the super-built area, but after May 01, carpet area of the property will be set as a key parameter of the project pricing starting from affordable to ultra luxury projects.
Let’s know about the carpet area based pricing
Any property on Sevoke Road with a super built area of 1500 sq ft in prime location, worth selling price of Rs. 3000 per sq ft, randomly we assume that within this 1500 sq area 1100-1200 sq ft is the carpet area of the very property and the remaining 300-400 sq ft is space is occupied by the walls, staircase, passage, lift etc. With the RERA implementation buyers are likely to pay for only the carpet area of the apartment.
How will it impact realty transaction?
Let’s us tell you property price is not going to fall in the coming years or soon, neither promoters will pay from their pocket for the common shared area of the apartments. Developers will include this price in the selling price of the property and for the eternity buyers will have to pay this cost. This particular execution is only to clarify the confusion of buyers related to super-built and carpet area, as mostly they are seen mixing the both terms and whirled in the trickery of the builders. This process will clarify the ambiguity between buyers and the builders.
Asking about the present status of residential property sale in Siliguri and upcoming RERA implementation in West Bengal, the RERA expert of Siliguri CA Sanjay Goyal said, “The new pricing model will be a uniform platform for both the buyers and the builders. Buyer will be more aware of what they are paying for. Real estate practice will gain its much-awaited trustworthiness, as it’s surely going to strengthen the bond between buyer and seller. Else RERA has legal route for both of them.”
For residential property sale in Siliguri CA Sanjay Goyal added, “RERA implementation is likely to fetch foreign investment and positive investments from reliable sources in the realty sector. But carpet based pricing won’t directly affect the pricing of projects.”
CA Sanjay Goyal further added that “Siliguri is one of those markets which stands out in terms of transperancy and clarity in Real Estate Transactions. So the public faith on Real Estate transactions would further increase with RERA inplementations”.
From the point of view of the Realtors/Agents, he said that this will organise the highly unorganised Real Estate Market in terms of advisors. Currently and more so in the past, builders and Realtors have not given each other the due deserved respect. Now the scenario will change and there will be less instances of misunderstandings too. Hope each one understands the importance and contribution of the other in the Real Estate Industry.
Good Days are Ahead for sure..